BTC/USD: Bullish Weekly Technicals 1W (Jul. 28)
X Force Global Analysis:
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In this analysis, we analyze Bitcoin's weekly chart in order to look for confirmations of a bullish rally that could potentially push prices back to test all time high levels.
Analysis
- To begin with, it's absolutely critical that traders realize Bitcoin has broken out of a descending trend line resistance that has prevented Bitcoin from creating higher highs since late 2017.
- After close to three years of consolidation, Bitcoin has finally broken out of the symmetrical triangle pattern
- Another huge bullish pattern we have spotted is the reverse head and shoulders continuation pattern
- After a rally from 3.1k to 14k, Bitcoin has formed a reverse head and shoulders pattern, and recently finished its formation of the right shoulder
- The descending trend line resistance marked in orange acted as the neckline of the bullish continuation pattern
- However, we still face strong resistance at 11.4k at previous historical resistance levels
- A break and close above 11.4k on the weekly would provide further confirmation for a bullish rally
- Counting Elliott Waves, it could be said that Bitcoin is currently in the middle of an impulse wave which has finished its second wave.
- The Relative Strength Index (RSI) shows tremendous bullish strength, but hasn't yet reached the descending trend line resistance nor overbought territories
- The Moving Average Convergence Divergence (MACD) also continues to show increasing bullish histograms as a sign of momentum.
Market Sentiment:
Long short ratios are at 66 to 34. While long positions have decreased with people taking profits from their positions, the market sentiment still remains dominantly bullish.
What We Believe
We believe that while a bullish rally lies ahead for Bitcoin on the long term, it is important to keep looking for confirmations of trend continuations leading up to new highs.
Let us know what you think in the comment section below
Trade Safe.
If you find our analyses to be helpful, make sure to support us by dropping a ‘like’
In this analysis, we analyze Bitcoin's weekly chart in order to look for confirmations of a bullish rally that could potentially push prices back to test all time high levels.
Analysis
- To begin with, it's absolutely critical that traders realize Bitcoin has broken out of a descending trend line resistance that has prevented Bitcoin from creating higher highs since late 2017.
- After close to three years of consolidation, Bitcoin has finally broken out of the symmetrical triangle pattern
- Another huge bullish pattern we have spotted is the reverse head and shoulders continuation pattern
- After a rally from 3.1k to 14k, Bitcoin has formed a reverse head and shoulders pattern, and recently finished its formation of the right shoulder
- The descending trend line resistance marked in orange acted as the neckline of the bullish continuation pattern
- However, we still face strong resistance at 11.4k at previous historical resistance levels
- A break and close above 11.4k on the weekly would provide further confirmation for a bullish rally
- Counting Elliott Waves, it could be said that Bitcoin is currently in the middle of an impulse wave which has finished its second wave.
- The Relative Strength Index (RSI) shows tremendous bullish strength, but hasn't yet reached the descending trend line resistance nor overbought territories
- The Moving Average Convergence Divergence (MACD) also continues to show increasing bullish histograms as a sign of momentum.
Market Sentiment:
Long short ratios are at 66 to 34. While long positions have decreased with people taking profits from their positions, the market sentiment still remains dominantly bullish.
What We Believe
We believe that while a bullish rally lies ahead for Bitcoin on the long term, it is important to keep looking for confirmations of trend continuations leading up to new highs.
Let us know what you think in the comment section below
Trade Safe.
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